Vista Gold (VGZ) 10-Q23 Oct 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 21, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Securities Act File Number	001-09025
Entity Registrant Name	VISTA GOLD CORP.
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	98-0542444
Entity Address, Address Line One	8310 S Valley Hwy, Suite 300
Entity Address, Postal Zip Code	80112
Entity Address, City or Town	Englewood
Entity Address, State or Province	CO
City Area Code	720
Local Phone Number	981-1185
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	VGZ
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		123,147,609
Entity Central Index Key	0000783324
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 18,954	$ 6,069
Other current assets	208	446
Total current assets	19,162	6,515
Non-current assets:
Mineral properties (Note 3)	558	2,146
Plant and equipment, net (Note 4)	313	204
Other non-current assets	69	69
Total non-current assets	940	2,419
Total assets	20,102	8,934
Current liabilities:
Accounts payable	162	190
Accrued liabilities and other (Note 5)	917	749
Total current liabilities	1,079	939
Non-current liabilities:
Deferred gain on grant of royalty (Note 6)		3,000
Other liabilities	21	44
Total non-current liabilities	21	3,044
Total liabilities	1,100	3,983
Commitments and contingencies (Note 8)
Shareholders' equity:
Common shares, no par value - unlimited shares authorized; shares outstanding: 2024 - 122,847,609 and 2023 - 121,088,494 (Note 7)	477,483	476,354
Accumulated deficit	(458,481)	(471,403)
Total shareholders' equity	19,002	4,951
Total liabilities and shareholders' equity	$ 20,102	$ 8,934

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Shareholders' equity:
Common Shares, par value	$ 0	$ 0
Common Stock, Shares Authorized, Unlimited [Fixed List]	Unlimited	Unlimited
Common shares outstanding	122,847,609	121,088,494

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating income (expense):
Exploration, property evaluation and holding costs	$ (1,099)	$ (848)	$ (2,509)	$ (2,334)
Corporate administration	(720)	(666)	(2,726)	(2,712)
Depreciation and amortization	(14)	(10)	(40)	(30)
Gain on grant of royalty interest in mineral titles (Note 6)			16,909
Gain on sale of plant and equipment (Note 4)			802
Total operating income (expense), net	(1,833)	(1,524)	12,436	(5,076)
Non-operating income:
Interest income	230	68	496	207
Other income (expense)	(35)	2	(10)	(59)
Total non-operating income	195	70	486	148
Income (loss) before income taxes	(1,638)	(1,454)	12,922	(4,928)
Net income (loss)	$ (1,638)	$ (1,454)	$ 12,922	$ (4,928)
Basic:
Weighted average number of shares outstanding (in shares)	122,341,829	121,088,494	121,829,163	120,263,330
Net income (loss) per share	$ (0.01)	$ (0.01)	$ 0.11	$ (0.04)
Diluted:
Weighted average number of shares outstanding (in shares)	122,341,829	121,088,494	125,074,391	120,263,330
Net income (loss) per share	$ (0.01)	$ (0.01)	$ 0.10	$ (0.04)

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Accumulated Deficit	Total
Balances, beginning of period at Dec. 31, 2022	$ 474,847	$ (464,818)	$ 10,029
Balances, beginning of period (in shares) at Dec. 31, 2022	118,480,878
Shares issued, net of offering costs	$ 1,013		1,013
Shares issued, net of offering costs (in shares)	1,710,068
Shares issued (RSUs vested, net of shares withheld)	$ (142)		(142)
Shares issued (RSUs vested, net of shares withheld) (in shares)	412,548
Shares issued (DSUs vested) (in shares)	485,000
Stock-based compensation	$ 528		528
Net income (loss)		(4,928)	(4,928)
Balances, end of period at Sep. 30, 2023	$ 476,246	(469,746)	6,500
Balances, end of period (in shares) at Sep. 30, 2023	121,088,494
Balances, beginning of period at Jun. 30, 2023	$ 476,145	(468,292)	7,853
Balances, beginning of period (in shares) at Jun. 30, 2023	121,088,494
Stock-based compensation	$ 101		101
Net income (loss)		(1,454)	(1,454)
Balances, end of period at Sep. 30, 2023	$ 476,246	(469,746)	6,500
Balances, end of period (in shares) at Sep. 30, 2023	121,088,494
Balances, beginning of period at Dec. 31, 2023	$ 476,354	(471,403)	4,951
Balances, beginning of period (in shares) at Dec. 31, 2023	121,088,494
Shares issued, net of offering costs	$ 639		639
Shares issued, net of offering costs (in shares)	1,018,564
Shares issued (RSUs vested, net of shares withheld)	$ (85)		(85)
Shares issued (RSUs vested, net of shares withheld) (in shares)	445,551
Shares issued (DSUs vested) (in shares)	295,000
Stock-based compensation	$ 575		575
Net income (loss)		12,922	12,922
Balances, end of period at Sep. 30, 2024	$ 477,483	(458,481)	19,002
Balances, end of period (in shares) at Sep. 30, 2024	122,847,609
Balances, beginning of period at Jun. 30, 2024	$ 476,983	(456,843)	20,140
Balances, beginning of period (in shares) at Jun. 30, 2024	122,289,164
Shares issued, net of offering costs	$ 395		395
Shares issued, net of offering costs (in shares)	558,445
Stock-based compensation	$ 105		105
Net income (loss)		(1,638)	(1,638)
Balances, end of period at Sep. 30, 2024	$ 477,483	$ (458,481)	$ 19,002
Balances, end of period (in shares) at Sep. 30, 2024	122,847,609

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 12,922	$ (4,928)
Adjustments to reconcile net income (loss) to net cash used in operations:
Depreciation and amortization	40	30
Stock-based compensation	575	528
Gain on grant of royalty interest in mineral titles	(16,909)
Gain on sale of plant and equipment	(802)
Change in working capital account items:
Other current assets	238	254
Accounts payable, accrued liabilities and other	128	26
Net cash used in operating activities	(3,808)	(4,090)
Cash flows from investing activities:
Proceeds from grant of royalty interest in mineral titles	17,000
Net proceeds from sale of plant and equipment	802
Additions to plant and equipment	(160)	(43)
Capitalized mineral property development costs	(1,503)
Net cash provided by/(used in) investing activities	16,139	(43)
Cash flows from financing activities:
Proceeds from equity financing, net	639	1,013
Payment of taxes from withheld shares	(85)	(142)
Net cash provided by financing activities	554	871
Net increase (decrease) in cash and cash equivalents	12,885	(3,262)
Cash and cash equivalents, beginning of period	6,069	8,110
Cash and cash equivalents, end of period	$ 18,954	$ 4,848

Overview of Operations and Basi

Overview of Operations and Basis of Presentation	9 Months Ended
Overview of Operations and Basis of Presentation	Sep. 30, 2024
Overview of Operations and Basis of Presentation
Overview of Operations and Basis of Presentation	1. Overview of Operations and Basis of Presentation Vista Gold Corp. and its subsidiaries (collectively, “Vista,” the “Company,” “we,” “our,” or “us”) operate in the gold mining industry. The Company’s flagship asset is its 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) in Northern Territory, Australia. Since acquiring Mt Todd in 2006, we have invested substantial financial resources to systematically explore, evaluate, engineer, permit, and de-risk the Project. The interim Condensed Consolidated Financial Statements (“interim statements”) of the Company are unaudited. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with the Company’s Consolidated Financial Statements for the year ended December 31, 2023 as filed with the United States Securities and Exchange Commission and Canadian securities regulatory authorities on Form 10-K (the “2023 Financial Statements”). The balance sheet as of December 31, 2023 as presented herein was derived from the Company’s audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by United States generally accepted accounting principles have been condensed or omitted. These interim statements have been prepared on the going concern basis of accounting, which contemplates Vista having the ability to meet its obligations when due in the normal course of business for the foreseeable future. Because the Company does not have recurring cash inflows from operations or investments, we rely on other sources of financing to fund operations. Such funding sources may include sales of non-core assets, equity issuances, royalty or stream agreements, convertible instruments, and debt facilities. Although management estimates the Company has access to sufficient cash flows for the next twelve months, there can be no assurance that the Company will be able to obtain adequate funding, or that such funding will be on terms acceptable to the Company, to meet future operational needs which may result in the delay, reduction, or discontinuation of ongoing programs. References to $ are to United States dollars and A$ are to Australian dollars.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2024
Significant Accounting Policies
Significant Accounting Policies	2. Significant Accounting Policies Significant accounting policies are included in the 2023 Financial Statements.

Mineral Properties

Mineral Properties	9 Months Ended
Mineral Properties	Sep. 30, 2024
Mineral Properties
Mineral Properties	3. Mineral Properties Mt Todd, Northern Territory, Australia The capitalized mineral property values are as follows: At September 30, 2024 At December 31, 2023 Mt Todd, Australia $ 558 $ 2,146 Vista acquired Mt Todd in March 2006. The purchase price and related transaction costs of $2,146 were capitalized as mineral properties. Since 2006, the Company has systematically advanced the Project through exploration, metallurgical testing, engineering, environmental/operational permitting activities, and ongoing site management activities. Prior to 2024, costs associated with these and other related activities were charged to expense as incurred. Drilling and related costs are capitalized for an ore body where proven and probable reserves exist, and the activities are directed at obtaining additional information about the ore body or converting measured, indicated, and inferred resources to proven and probable reserves. All other drilling and related costs are expensed as incurred. Capitalized mineral property development drilling costs totaled $475 and $1,503 in the three and nine months ended September 30, 2024. The Company derecognized $3,091 of mineral property costs in June 2024 upon recognition of the gain on grant of a royalty interest in Mt Todd, see Note 6. See Note 8 for a discussion of commitments and contingencies associated with Mt Todd.

Plant and Equipment

Plant and Equipment	9 Months Ended
Plant and Equipment	Sep. 30, 2024
Plant and Equipment
Plant and Equipment	4. Plant and Equipment September 30, 2024 December 31, 2023 Accumulated Accumulated Cost Depreciation Net Cost Depreciation Net Mt Todd, Australia $ 5,549 $ 5,236 $ 313 $ 5,415 $ 5,211 $ 204 Corporate, United States 303 303 — 303 303 — $ 5,852 $ 5,539 $ 313 $ 5,718 $ 5,514 $ 204 In March 2024, the Company recorded a gain of $802 upon sale of certain components of our used mill equipment. Gross proceeds totaling $900 were offset by selling expense of $98.

Other Current Liabilities

Other Current Liabilities	9 Months Ended
Other Current Liabilities	Sep. 30, 2024
Other Current Liabilities
Other Current Liabilities	5. Other Current Liabilities The following table sets forth the Company’s accrued liabilities and other at September 30, 2024 and December 31, 2023: At September 30, 2024 At December 31, 2023 Accrued accounts payable $ 315 $ 152 Accrued employee compensation and benefits 602 597 $ 917 $ 749

Gain on Grant of Royalty

Gain on Grant of Royalty	9 Months Ended
Gain on Grant of Royalty	Sep. 30, 2024
Gain on Grant of Royalty
Gain on Grant of Royalty	6. Gain on Grant of Royalty On December 13, 2023, Vista Gold Australia Pty. Ltd. (“Vista Gold Australia”), a wholly owned subsidiary of the Company, entered into a royalty agreement with Wheaton Precious Metals (Cayman) Co., an affiliate of Wheaton Precious Metals Corp. (“Wheaton”) in relation to Mt Todd (the “Royalty Agreement”). Pursuant to the terms of the Royalty Agreement, Wheaton agreed to provide Vista with $20,000 cash to advance Mt Todd and for general corporate purposes, excluding direct expenditures for any project other than Mt Todd, in exchange for payments of a portion of the gross revenue from Mt Todd, (the “Royalty”). The Royalty is at a rate of 1% of gross revenue from the Project if the completion objectives for the Project are achieved by April 1, 2028. Beginning April 1, 2028, if the completion objectives for the Project are not achieved, the Royalty shall increase annually at a rate of up to 0.13% to a maximum Royalty rate of 2%. Any annual increases beginning April 1, 2028 shall be reduced on a pro rata basis to the extent that Mt Todd has initiated operations but has yet to achieve a completion test at an average daily processing rate of 15,000 tonnes per day. The Royalty rate, the annual increase percentage, and maximum Royalty rate can each be reduced by one-third The Royalty Agreement provides for Vista Gold Australia to receive a total of $20,000 in three installments, all of which were received by Vista prior to June 30, 2024. Upon receipt of the final instalment in June 2024, the Company recognized a gain on grant of royalty interest in mineral titles of $16,909. The gain comprises previously deferred instalment payments totaling $10,000 and the $10,000 received for the final instalment, net of the associated mineral property carrying value as of the date the final instalment was received. A security interest was granted by Vista Gold Australia to Wheaton. The security includes, among other things, a mortgage over the Mt Todd tenements and a collateralized interest in the assets, rights and interests of Vista Gold Australia.

Common Shares

Common Shares	9 Months Ended
Common Shares	Sep. 30, 2024
Common Shares
Common Shares	7. Common Shares Equity Financing Vista is party to an at-the-market offering agreement (the “ATM Agreement”) with H. C. Wainwright & Co., LLC (“Wainwright”), under which the Company has the right, but is not obligated, to sell and issue common shares in the capital of the Company (each a “Common Share”) through Wainwright for aggregate gross proceeds of up to $10,000 (the “ATM Program”). During the three and nine months ended September 30, 2024, the Company realized net proceeds of $395 and $639, respectively, under the ATM Program. During the three and nine months ended September 30, 2023, the Company realized net proceeds of $nil and $1,013, respectively, under the ATM Program. As of September 30, 2024, $8,042 remained available under the ATM Program. Warrants Warrant activity is summarized in the following table. Weighted Weighted Average Average Warrants Exercise Price Remaining Life Outstanding Per Share (Years) As of December 31, 2022 7,408,101 $ 1.25 1.5 As of December 31, 2023 7,408,101 $ 1.25 0.5 Expired (7,408,101) $ 1.25 As of September 30, 2024 — All warrants expired on July 12, 2024. Stock-Based Compensation The Company’s active stock-based compensation plans include restricted share units (“RSUs”) issuable pursuant to the Company’s long-term equity incentive plan and deferred share units (“DSUs”) issuable pursuant to the Company’s deferred share unit plan (“DSU Plan”). The Company's stock option plan remains in place, however no new issuances can be made at this time. Stock-based compensation may be issued to our directors, officers, employees, and consultants. The maximum number of Common Shares that may be reserved for issuance under the combined stock-based compensation plans is a variable number equal to 10% of the issued and outstanding Common Shares on a non-diluted basis at any particular time. Stock-based compensation may be granted from time to time at the discretion of the Board of Directors of the Company (the “Board”), with vesting provisions as determined by the Board. Stock-based compensation expense was: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 RSUs $ 105 $ 101 $ 282 $ 284 DSUs — — 293 244 $ 105 $ 101 $ 575 $ 528 As of September 30, 2024, unrecognized compensation expense for RSUs was $397, which is expected to be recognized over a weighted average period of 1.3 years. Restricted Share Units The following table summarizes RSU activity: Weighted Average Number Grant-Date Fair of RSUs Value Per RSU Unvested - December 31, 2022 1,472,008 $ 0.60 Granted 1,163,000 0.37 Cancelled/forfeited (335,786) 0.58 Vested, net of shares withheld (412,548) 0.60 Unvested - December 31, 2023 1,886,674 $ 0.46 Granted 1,736,000 0.25 Cancelled/forfeited (409,450) 0.50 Vested, net of shares withheld (445,551) 0.59 Unvested - September 30, 2024 2,767,673 $ 0.30 During the nine months ended September 30, 2024 and 2023, the Company withheld Common Shares with an equivalent value to meet employee withholding tax obligations of $85 and $142, respectively, which resulted from the vesting of RSUs during these periods. Common Shares withheld are considered cancelled/forfeited. Deferred Share Units The DSU Plan provides for granting of DSUs to non-employee directors. DSUs vest immediately; however, the Company will issue one Common Share for each DSU only when the non-employee director ceases to be a director of the Company. During the nine months ended September 30, 2024, the Board granted 767,000 DSUs and the Company recognized $293 in DSU expense. During the nine months ended September 30, 2023, the Board granted 420,000 DSUs and the Company recognized $244 in DSU expense. The following table summarizes DSU activity: Weighted Average Number of Grant-Date Fair DSUs Value per DSU Outstanding - December 31, 2022 1,254,000 $ 0.72 Granted 420,000 0.58 Shares issued to participants (485,000) 0.69 Outstanding - December 31, 2023 1,189,000 $ 0.68 Granted 767,000 0.38 Shares issued to participants (295,000) 0.68 Outstanding - September 30, 2024 1,661,000 $ 0.54 Stock Options The following table summarizes option activity for vested awards: Weighted Average Weighted Average Remaining Aggregate Number of Exercise Price Contractual Term Intrinsic Options Per Option (Years) Value Outstanding - December 31, 2022 1,367,000 $ 0.71 0.64 $ — Expired (967,000) 0.71 Outstanding - December 31, 2023 400,000 $ 0.70 0.47 $ — Expired (350,000) 0.73 Outstanding - September 30, 2024 50,000 $ 0.51 0.50 $ 13 Exercisable - September 30, 2024 50,000 $ 0.51 0.50 $ 13 Weighted Average Common Shares Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Basic Common Shares 122,341,829 121,088,494 121,829,163 120,263,330 Effect of dilutive stock-based awards — — 3,245,228 — Diluted Common Shares 122,341,829 121,088,494 125,074,391 120,263,330 Unvested RSUs representing 100,668 Common Shares, stock options to purchase 400,000 Common Shares, and warrants to purchase 7,408,101 Common Shares were excluded from the computation of diluted earnings per share for the nine months ended September 30, 2024 because their effect would have been antidilutive. As the Company was in a net loss position for the three months ended September 30, 2024, and the three and nine months ended September 30, 2023, all potentially dilutive Common Shares were considered antidilutive.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies.
Commitments and Contingencies	8. Commitments and Contingencies The Mt Todd site was not reclaimed by the predecessor owners when the mine closed in 2000. Reclamation obligations associated with the period before Vista’s purchase of Mt Todd are presently the responsibility of the Government of the Northern Territory, Australia (the “NT Government”). Vista may, but is not obligated to, give notice to the NT Government that it wishes to commence mining activities at Mt Todd. As a result of any such notice by the Company, the NT Government will transfer to Vista a) certain assets upon terms and conditions to be agreed or determined by an independent valuer and b) the historical rehabilitation liabilities that are presently the responsibility of the NT Government. The historical rehabilitation liabilities to be transferred to Vista are currently stated by the NT Government at approximately A$73 million. Under agreements with the Jawoyn Association Aboriginal Corporation with respect to Mt Todd, we have agreed to a gross proceeds royalty (“GPR”) ranging between 0.125% and 2.0%, depending on prevailing gold prices and foreign exchange rates, and a 1.0% GPR not tied to gold price or foreign exchange rates. The combined GPR ranges from 1.125% to 3.0%. Mt Todd is also subject to the Royalty Agreement with Wheaton; see Note 6. Our exploration and development activities are subject to various laws and regulations governing the protection of the environment and our interactions with community stakeholders, among others. These laws and regulations are continually changing and are generally becoming more restrictive. Future expenditures that may be required for compliance with these laws and regulations cannot be predicted at this time. If the Company determines that it is probable that an obligation exists and the amount can be reasonably estimated, a provision would be recorded. This may include costs associated with actions by the Company and actions attributable to others should no other responsible or potentially responsible parties be identified. We conduct our operations in a manner designed to minimize effects on stakeholders and the environment. The Northern Territory’s Aboriginal Areas Protection Authority (“AAPA”) is investigating potential surface impacts that resulted from drilling undertaken by Vista from 2020 through 2022. The Company is cooperating with the AAPA, but the potential outcome of this process is unknown at this time. In August 2024, an assessment was issued by the Mexican tax authorities, known as the Servicio de Administración Tributaria (“SAT”), to the Company’s Mexican subsidiary, Minera Gold Stake (“MGS”). The assessment disallows the tax basis of certain mineral properties that was established by MGS in 2012 and subsequently utilized to offset taxable income in subsequent years and other deductions taken in 2012 that the SAT concluded should have been deducted over multiple years. In response, MGS filed suit against the SAT in the Tax Court in the State of Mexico in October 2024. MGS believes it has valid assertions against the SAT assessment and other available tax positions to partially mitigate the assessment issued by the SAT. The outcome of this matter is unknown, but management estimates the effect of the SAT assessment creates a potential income tax liability of up to approximately $2,000 plus assessable interest and penalties of up to an additional $1,500.

Geographic and Segment Informat

Geographic and Segment Information	9 Months Ended
Geographic and Segment Information	Sep. 30, 2024
Geographic and Segment Information
Geographic And Segment Information	9. Geographic and Segment Information The Company has one reportable operating segment. We seek to advance and develop Mt Todd, which may lead to gold production or value adding strategic transactions. These activities are currently focused principally in Australia. We reported no revenues during the three and nine months ended September 30, 2024 and 2023. The geographic location of mineral properties and plant and equipment is provided in Notes 3 and 4, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,638)	$ (1,454)	$ 12,922	$ (4,928)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non Rule 10b5-1 Arrangement Modified	false

Mineral Properties (Tables)

Mineral Properties (Tables)	9 Months Ended
Mineral Properties (Tables)	Sep. 30, 2024
Mineral Properties
Schedule of Mineral Properties	The capitalized mineral property values are as follows: At September 30, 2024 At December 31, 2023 Mt Todd, Australia $ 558 $ 2,146

Plant and Equipment (Tables)

Plant and Equipment (Tables)	9 Months Ended
Plant and Equipment (Tables)	Sep. 30, 2024
Plant and Equipment
Schedule Of Plant And Equipment	September 30, 2024 December 31, 2023 Accumulated Accumulated Cost Depreciation Net Cost Depreciation Net Mt Todd, Australia $ 5,549 $ 5,236 $ 313 $ 5,415 $ 5,211 $ 204 Corporate, United States 303 303 — 303 303 — $ 5,852 $ 5,539 $ 313 $ 5,718 $ 5,514 $ 204

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	9 Months Ended
Other Current Liabilities (Tables)	Sep. 30, 2024
Other Current Liabilities
Schedule of accrued liabilities	The following table sets forth the Company’s accrued liabilities and other at September 30, 2024 and December 31, 2023: At September 30, 2024 At December 31, 2023 Accrued accounts payable $ 315 $ 152 Accrued employee compensation and benefits 602 597 $ 917 $ 749

Common Shares (Tables)

Common Shares (Tables)	9 Months Ended
Common Shares (Tables)	Sep. 30, 2024
Common Shares
Summary of outstanding warrants	Warrant activity is summarized in the following table. Weighted Weighted Average Average Warrants Exercise Price Remaining Life Outstanding Per Share (Years) As of December 31, 2022 7,408,101 $ 1.25 1.5 As of December 31, 2023 7,408,101 $ 1.25 0.5 Expired (7,408,101) $ 1.25 As of September 30, 2024 —
Summary of stock-based compensation expense	Stock-based compensation expense was: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 RSUs $ 105 $ 101 $ 282 $ 284 DSUs — — 293 244 $ 105 $ 101 $ 575 $ 528
Summary of restricted stock unit activity	The following table summarizes RSU activity: Weighted Average Number Grant-Date Fair of RSUs Value Per RSU Unvested - December 31, 2022 1,472,008 $ 0.60 Granted 1,163,000 0.37 Cancelled/forfeited (335,786) 0.58 Vested, net of shares withheld (412,548) 0.60 Unvested - December 31, 2023 1,886,674 $ 0.46 Granted 1,736,000 0.25 Cancelled/forfeited (409,450) 0.50 Vested, net of shares withheld (445,551) 0.59 Unvested - September 30, 2024 2,767,673 $ 0.30
Summary of deferred stock units	The following table summarizes DSU activity: Weighted Average Number of Grant-Date Fair DSUs Value per DSU Outstanding - December 31, 2022 1,254,000 $ 0.72 Granted 420,000 0.58 Shares issued to participants (485,000) 0.69 Outstanding - December 31, 2023 1,189,000 $ 0.68 Granted 767,000 0.38 Shares issued to participants (295,000) 0.68 Outstanding - September 30, 2024 1,661,000 $ 0.54
Summary of option activity	The following table summarizes option activity for vested awards: Weighted Average Weighted Average Remaining Aggregate Number of Exercise Price Contractual Term Intrinsic Options Per Option (Years) Value Outstanding - December 31, 2022 1,367,000 $ 0.71 0.64 $ — Expired (967,000) 0.71 Outstanding - December 31, 2023 400,000 $ 0.70 0.47 $ — Expired (350,000) 0.73 Outstanding - September 30, 2024 50,000 $ 0.51 0.50 $ 13 Exercisable - September 30, 2024 50,000 $ 0.51 0.50 $ 13
Summary of weighted average common shares	Weighted Average Common Shares Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Basic Common Shares 122,341,829 121,088,494 121,829,163 120,263,330 Effect of dilutive stock-based awards — — 3,245,228 — Diluted Common Shares 122,341,829 121,088,494 125,074,391 120,263,330

Overview of Operations and Ba_2

Overview of Operations and Basis of Presentation (Details)	9 Months Ended
Overview of Operations and Basis of Presentation (Details)	Sep. 30, 2024
Mt Todd, Australia
Property, Plant and Equipment [Line Items]
Percentage of ownership in project	100%

Mineral Properties - Mt. Todd,

Mineral Properties - Mt. Todd, Northern Territory, Australia (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Mar. 31, 2006	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Mineral Properties, Net		$ 558	$ 558	$ 2,146
Capitalization of mine development costs			1,503
Mt Todd, Australia
Property, Plant and Equipment [Line Items]
Mineral Properties, Net		558	558	$ 2,146
Acquisition Costs, Period Cost	$ 2,146
Capitalization of mine development costs		$ 475	1,503
Mineral Property Costs Derecognized			$ 3,091

Plant and Equipment (Details)

Plant and Equipment (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Cost		$ 5,852	$ 5,718
Accumulated Depreciation		5,539	5,514
Net		313	204
Gain on sale of plant and equipment, net		802
Proceeds from sale of plant and equipment		802
Mt Todd, Australia
Property, Plant and Equipment [Line Items]
Cost		5,549	5,415
Accumulated Depreciation		5,236	5,211
Net		313	204
Corporate, United States
Property, Plant and Equipment [Line Items]
Cost		303	303
Accumulated Depreciation		303	303
Net		$ 0	$ 0
Used mill equipment, Canada
Property, Plant and Equipment [Line Items]
Gain on sale of plant and equipment, net	$ 802
Proceeds from sale of plant and equipment	900
Selling costs of plant and equipment	$ 98

Other Current Liabilities - Acc

Other Current Liabilities - Accrued Liabilities and Other (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Current Liabilities
Accrued accounts payable	$ 315	$ 152
Accrued employee compensation and benefits	602	597
Accrued Liabilities, Current, Total	$ 917	$ 749

Gain on Grant of Royalty (Detai

Gain on Grant of Royalty (Details) oz in Thousands, $ in Thousands		1 Months Ended	6 Months Ended	9 Months Ended
	Dec. 13, 2023 USD ($) installment t oz	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)
Gain on Grant of Royalty
Gain on grant of royalty interest in mineral titles				$ 16,909
Proceeds from grant of royalty interest				$ 17,000
Vista Australia \| Wheaton \| Mt Todd
Gain on Grant of Royalty
Cash advance	$ 20,000
Royalty rate	1%
Increase in royalty rate per annum	0.13%
Threshold limit of average daily processing rate per day \| t	15,000
Reduction in royalty rate upon occurrence of events	33.33%
Royalty agreement deliverable benchmark, Commodity amount \| oz	3,470
Consideration eligible to receive	$ 20,000
Number of installments for consideration \| installment	3
Gain on grant of royalty interest in mineral titles		$ 16,909
Proceeds from grant of royalty interest		$ 10,000	$ 10,000
Vista Australia \| Wheaton \| Maximum \| Mt Todd
Gain on Grant of Royalty
Royalty rate	2%

Common Shares - Equity Financin

Common Shares - Equity Financings (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common shares		$ 639	$ 1,013
At-The-Market Offering Agreement \| H. C. Wainwright And Co., LLC
Subsidiary, Sale of Stock [Line Items]
Threshold of aggregate sales proceeds		10,000
Proceeds from issuance of common shares	$ 395	639	$ 1,013
Remaining threshold of aggregate sales proceeds	$ 8,042	$ 8,042

Common Shares - Warrants (Detai

Common Shares - Warrants (Details) - Warrants - $ / shares	9 Months Ended	12 Months Ended
Common Shares - Warrants (Details) - Warrants - $ / shares	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Warrants outstanding, beginning of period (in shares)	7,408,101	7,408,101
Warrants outstanding, Expired (in shares)	(7,408,101)
Warrants outstanding, end of period (in shares)	0	7,408,101	7,408,101
Weighted average exercise price per share, Beginning of the period	$ 1.25	$ 1.25
Weighted average exercise price per share, Expired	$ 1.25
Weighted average exercise price per share, End of the period		$ 1.25	$ 1.25
Weighted average remaining life, warrants outstanding		6 months	1 year 6 months

Common Shares - Stock-Based Com

Common Shares - Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of issued and outstanding Common Shares			10%
Stock-based compensation expense	$ 105	$ 101	$ 575	$ 528
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 105	$ 101	282	284
Deferred Stock Units (DSU)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense			$ 293	$ 244

Common Shares - Unrecognized Co

Common Shares - Unrecognized Compensation (Details) - Restricted Stock Units (RSUs) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested awards	$ 397
Weighted average unrecognized compensation recognition period	1 year 3 months 18 days

Common Shares - Summary Of Rest

Common Shares - Summary Of Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Payment of taxes from withheld shares	$ 85	$ 142
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested, Number of units, beginning of period (in shares)	1,886,674	1,472,008	1,472,008
Granted, Number of units (in shares)	1,736,000		1,163,000
Cancelled/forfeited, Number of units (in shares)	(409,450)		(335,786)
Vested, net of shares withheld, Number of units (in shares)	(445,551)		(412,548)
Unvested, Number of units, end of period (in shares)	2,767,673		1,886,674
Outstanding, weighted average fair value, beginning of period (in dollars per share)	$ 0.46	$ 0.60	$ 0.60
Granted, Weighted average fair value (in dollars per share)	0.25		0.37
Cancelled/forfeited, Weighted average fair value (in dollars per share)	0.50		0.58
Vested, net of shares withheld, Weighted average fair value (in dollars per share)	0.59		0.60
Unvested, weighted average fair value, end of period (in dollars per share)	$ 0.30		$ 0.46
Payment of taxes from withheld shares	$ 85	$ 142

Common Shares - Summary Of Defe

Common Shares - Summary Of Deferred Share Units Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Allocated Share-based Compensation Expense \| $	$ 105	$ 101	$ 575	$ 528
Deferred Stock Units (DSU)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common shares issues for each DSU (at end of board members' team).			1
Unvested, Number of units, beginning of period (in shares) \| shares			1,189,000	1,254,000	1,254,000
Granted, Number of units (in shares) \| shares			767,000	420,000	420,000
Shares issued to participants \| shares			(295,000)		(485,000)
Unvested, Number of units, end of period (in shares) \| shares	1,661,000		1,661,000		1,189,000
Outstanding, weighted average fair value, beginning of period (in dollars per share) \| $ / shares			$ 0.68	$ 0.72	$ 0.72
Granted, Weighted average fair value (in dollars per share) \| $ / shares			0.38		0.58
Shares issued to participants, Weighted average grant-date fair value (in dollars per share) \| $ / shares			0.68		0.69
Unvested, weighted average fair value, end of period (in dollars per share) \| $ / shares	$ 0.54		$ 0.54		$ 0.68
Allocated Share-based Compensation Expense \| $			$ 293	$ 244

Common Shares - Summary Of Opti

Common Shares - Summary Of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Common Shares
Number of options, beginning of period (in shares)	400,000	1,367,000
Number of options, Expired (in shares)	(350,000)	(967,000)
Number of options, end of period (in shares)	50,000	400,000	1,367,000
Number of options, Exercisable (in shares)	50,000
Weighted average exercise price per option, beginning of period (in dollars per share)	$ 0.70	$ 0.71
Weighted average exercise price per option, Expired (in dollars per share)	0.73	0.71
Weighted average exercise price per option, end of period (in dollars per share)	0.51	$ 0.70	$ 0.71
Weighted average exercise price, Exercisable (in dollars per share)	$ 0.51
Weighted average remaining contractual term, Outstanding	6 months	5 months 19 days	7 months 20 days
Weighted average remaining contractual term, Exercisable	6 months
Aggregate intrinsic value, Outstanding, beginning of period (in dollars)	$ 0	$ 0
Aggregate intrinsic value, Outstanding, end of period (in dollars)	13	$ 0	$ 0
Aggregate intrinsic value, Options, Exercisable	$ 13

Common Shares - Weighted Averag

Common Shares - Weighted Average (Details) - shares	3 Months Ended		9 Months Ended
Common Shares - Weighted Average (Details) - shares	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Common Shares
Basic Common Shares	122,341,829	121,088,494	121,829,163	120,263,330
Effect of dilutive stock-based awards			3,245,228
Diluted Common Shares	122,341,829	121,088,494	125,074,391	120,263,330

Common Shares - Anti-dilutive (

Common Shares - Anti-dilutive (Details)	9 Months Ended
Common Shares - Anti-dilutive (Details)	Sep. 30, 2024 shares
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares outstanding	400,000
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares outstanding	100,668
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares outstanding	7,408,101

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2024 AUD ($)	Sep. 30, 2024 USD ($)
Maximum \| Mexican Tax Authority \| Subsidiaries
Loss Contingencies [Line Items]
Estimate of Possible Loss		$ 2,000
Assessable interest and penalties		$ 1,500
Mt Todd, Australia \| Scenario, Plan
Loss Contingencies [Line Items]
Rehabilitation liabilities	$ 73
Mt Todd, Australia \| Scenario, Plan \| Jawoyn Association Aboriginal Corporation
Loss Contingencies [Line Items]
Percentage of royalty on gold	1%
Mt Todd, Australia \| Scenario, Plan \| Minimum \| Jawoyn Association Aboriginal Corporation
Loss Contingencies [Line Items]
Gross proceeds royalty, Additional contingent gross proceeds royalty, Percent	0.125%	0.125%
Gross proceeds royalty, Including contingent additional gross proceeds royalty, Percent	1.125%	1.125%
Mt Todd, Australia \| Scenario, Plan \| Maximum \| Jawoyn Association Aboriginal Corporation
Loss Contingencies [Line Items]
Gross proceeds royalty, Additional contingent gross proceeds royalty, Percent	2%	2%
Gross proceeds royalty, Including contingent additional gross proceeds royalty, Percent	3%	3%

Geographic and Segment Inform_2

Geographic and Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Geographic and Segment Information (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Geographic and Segment Information
Number of reportable segments \| segment			1
Revenues \| $	$ 0	$ 0	$ 0	$ 0